Property Solutions Acquisition, a blank check company formed by Benchmark Real Estate Group targeting the real estate industry, filed on Thursday with the SEC to raise up to $200 million in an initial public offering.
The New York, NY-based company plans to raise $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one whole warrant, exercisable at $11.50. At the proposed deal size, Property Solutions Acquisition would command a market value of $257 million.
Property Solutions Acquisition is led by Co-CEO and Chairman Jordan Vogel and Co-CEO and Director Aaron Feldman, the co-founders and Co-Managing Partners of Benchmark Real Estate Group. The company plans to target the real estate industry, with potential targets ranging from real estate service companies to property technology companies.
Property Solutions Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol PSACU. It filed confidentially on March 11, 2020. EarlyBirdCapital is the sole bookrunner on the deal.
